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Lender and AMC claim residential appraiser can do this appraisal-opinions

Dublin ohio

Dublin ohio

Elite Member
Joined
Mar 20, 2008
Professional Status
Licensed Appraiser
State
Ohio
glenn walker said:
Decline it they will find someone to do it.
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Only if they find one that is bat crap crazy. It is pretty much a rural location. Maybe transitioning to suburban at the best. Not a single residential property with similar square footage that has sold in the past year in the whole county. Which is the county I have lived in for over 20 years
 
Dublin ohio said:
Only if they find one that is bat crap crazy. It is pretty much a rural location. Maybe transitioning to suburban at the best. Not a single residential property with similar square footage that has sold in the past year in the whole county. Which is the county I have lived in for over 20 years
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Then accept it and go do it.
 
If you are asking this question, you probably should not be doing this one. There are a lot of zoning issues with this. There are a lot of "what if..." questions. I would assume that if this is residential zone, there is a condition use or special use permit in effect for the current use. If it commercial or no zoning, then you probably should be a commercial appraiser doing this. If this is residential use, there is a way to do the appraisal "subject to making the property legal residential" (but you need to know what thsi is !!) which may entail removing the superfluous stoves and othewr modifications. Another thing you need to watch for is mortgage fraud - you don't want to get caught up in this. I can see someone trying to get a residential loan for commercial use vs a commercial loan for the property. If I were you and if you are determined to do this one, I would bid $5k and then hire someone to help me if the bid is selected and use this as a learning experience.
 
swandel1 said:
If you are asking this question, you probably should not be doing this one. There are a lot of zoning issues with this. There are a lot of "what if..." questions. I would assume that if this is residential zone, there is a condition use or special use permit in effect for the current use. If it commercial or no zoning, then you probably should be a commercial appraiser doing this. If this is residential use, there is a way to do the appraisal "subject to making the property legal residential" (but you need to know what thsi is !!) which may entail removing the superfluous stoves and othewr modifications. Another thing you need to watch for is mortgage fraud - you don't want to get caught up in this. I can see someone trying to get a residential loan for commercial use vs a commercial loan for the property. If I were you and if you are determined to do this one, I would bid $5k and then hire someone to help me if the bid is selected and use this as a learning experience.
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'Specially because neither lender nor AMC would be liable for results of the appraisal--although sometimes it seems to me that the AMC should be considered integral to the appraisal rather than as representative/client to the end line client....
 
swandel1 said:
If you are asking this question, you probably should not be doing this one. There are a lot of zoning issues with this. There are a lot of "what if..." questions. I would assume that if this is residential zone, there is a condition use or special use permit in effect for the current use. If it commercial or no zoning, then you probably should be a commercial appraiser doing this. If this is residential use, there is a way to do the appraisal "subject to making the property legal residential" (but you need to know what thsi is !!) which may entail removing the superfluous stoves and othewr modifications. Another thing you need to watch for is mortgage fraud - you don't want to get caught up in this. I can see someone trying to get a residential loan for commercial use vs a commercial loan for the property. If I were you and if you are determined to do this one, I would bid $5k and then hire someone to help me if the bid is selected and use this as a learning experience.
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It was more of a "you got to be kidding me" post. I have no intention of even attempting to do this one. You are assuming that I am not aware of the various if, ands or buts. I am quite familiar with the zoning issues since I have been appraising in the area for almost 30 years. It does have a conditional use in place. It is zoned R1 low density residential and is grandfathered for residential use because it doesn't meet current zoning for minimum lot size or frontage requirements. The apartments above are another wrinkle as they are not one of the allowable conditional uses. It is also in probate and subject to court approval so any "subject to" requirements are probably doa. Good luck finding a similar sale in the whole county. In fact there has not been a single sale of a typical residential property with similar square footage in the whole county within the past 2 years.
 
Dublin ohio said:
Only if they find one that is bat crap crazy. It is pretty much a rural location. Maybe transitioning to suburban at the best. Not a single residential property with similar square footage that has sold in the past year in the whole county. Which is the county I have lived in for over 20 years
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50% are Bat Crap Crazy and their mortgages and car payments are due this week. That's enough motivation for many to take the assignment.
 
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